Los Cabos -- Mexican Boomtown

Los Cabos is booming with hotel and residental construction! Tourism is at an all time high and continues to grow. Did you know that over 1 million people visited Los Cabos in 2006? With it's pristine beaches, sunny skies and clear water, Cabo is hard to beat. According to an article in The Dallas News, Cabo has become an attractive place to work, due to an influx of capital, growing demand, and high paying jobs.

Maribel Uribe, 38, still can't get over her first glimpse of beauty: a paycheck "three times what I made in my hometown," says the single mother of two. "Opportunities are everywhere."Humberto Lozada Balderas, a waiter, is just as effusive: "The demand is insatiable."
While this may sound like Mexicans waxing poetic about the American dream, this dreamscape is actually hundreds of miles south of the U.S. border with Mexico – in the state of Baja California Sur. --The Dallas News

To read the rest of the article, please visit the following link:
Los Cabos Rises as place to realize the Mexican Dream

SPOTLIGHT: ROSARITO

Just 22 miles south of the U.S.-Mexico border, lies Rosarito--a town known for its wonderful climate, shopping, and nightlife. Rosarito is home to many American and Canadian retirees who fled south in search of a more peaceful, laidback lifestyle and oceanfront homes at a fraction of the cost. In recent years, Rosarito has also become a famous Spring Break destination for college students from California, Arizona, and beyond.

Restaurants

Ortega's--This Puerto Nuevo (10 minutes south of Rosarito) hot spot is famous for it's lobster. Lobster is fried and served with warm, fresh tortillas, melted butter, refried beans, and salsa. Yum!

El Nido--In the heart of downtown Rosarito, El Nido ("The Nest"), offers a wide variety of Mexican dishes including a large selection of game. The inside of the restaurant resembles a tropical garden. Mariachis stroll from table to table taking song requests.

Tacos El Yaqui--If you are looking for a typical Mexican streetfood experience, Tacos El Yaqui is the place. Their specialty are the tacos perrones - carne asada tacos with melted cheese, a heaping of pinto beans, cilantro, and onion. Get there early or be prepared to wait in line!

For more information on Rosarito, please visit the Official Rosarito Website at: http://www.rosarito.org/

What is Ejido land?

"Ejido" is a piece of land where a group of people live and work and determine the best use for the land. The concept of ejido land is Pre-Hispanic and the concepts behind the ejido come from democratic communism. In 1917, an article in the Mexican constitution was created and stated that ejido land could not be sold. The article was ammended in 1992 to give ejido owners title to land used for farming and ranching, which allows them to sell their land to private parties, including foreigners.

Much of the confusion about Ejido land stems from the Punta Banda case in Ensenada. Many Americans became nervous about purchasing property in Mexico after they saw news reports about Americans expatriates in Ensenada whose land and homes were "taken away" from them. So what really happened?

• The Americans were sold land by someone who did not have the legal right to sell the land
• Purchasers ignored the fact that the land was in litigation when they bought it
• The deals seemed too good to be true, and in the end, they were

Purchasing property in Mexico can be just as safe as in the U.S. or Canada. Many companies such as First American Title and Stewart Title now offer title insurance for property in Mexico.

The Next Property Hot Spots

New developments in Mexico and Latin America are springing up everyday.
In a recent article, Newsweek interviewed the CEO of The Related Group, Jorge Pérez, to get his thoughts on the next property hot spots.

"Does your foray into Latin America reflect a belief that the U.S. market is maxed out?"

"It has something to do with it. In a couple of years Miami produced more condominiums than in the last 10. So we looked at Baja, Cancún, Acapulco, Zihuatanejo, Panama, Costa Rica. You find you could get branded properties at a fraction of what you could get in the United States, and as long as those places were safe and relatively stable, we felt that there would be a shift in demand to those locations. That’s where we made our bets. I’ve been plotting doing things in Latin America for at least three years, and places like Puerto Vallarta, Cabo San Lucas and Ensenada are just another natural progression of the American market for second-home ownership and tourism."

To read the entire Newsweek article, please visit:
http://www.msnbc.msn.com/id/18593455/site/newsweek/

Financing in Mexico - FINALLY!

Up until a few years ago, financing a property in Mexico was unheard of. Real estate transactions were cash only, and only a small number of people could afford to purchase property. Thanks to an increased demand, several U.S. mortgage companies are now offering financing to qualified buyers.

Financing programs are available to both U.S. and Canadian citizens. Loans for a dream home purchase are available from $100,000 to $5,000,000 USD (higher upon approval). The process for obtaining a loan for a home purchase in Mexico is very similar to the U.S.. One of the main differences is the escrow time. Escrow can range from 45-60 days, but can be streamlined by the buyer and seller providing all of the necessary paperwork on time. U.S. title companies, such as Stewart Title and First American, are used along with U.S. appraisals.

Make your dream home in Mexico become a reality...contact me with any questions you may have about obtaining a loan or Mexico in general!

CBS Rosarito Beach News Coverage

Can I buy property in Mexico as a foreigner?

One of the questions that I am asked most often is "Can I buy property in Mexico as a foreigner?". Due to misinformation, there is a lot of confusion about this issue.

The simple answer: Foreigners can own property in Mexico.

In order to better understand how you can own property in Mexico, we will divide it up into two different categories:

1. Restricted border/coastal zones
2. Interior (everything outside of the border/coastal zones)

RESTRICTED ZONES
The restricted zones in Mexico consist of all land that falls within 50km of the coast, 100km of the U.S.-Mexico border, and all of Baja California. Foreigners can own property in the restricted zones through a fidecomiso (Bank Trust). Through the trust, you own the property in all but name. This means that you have full rights to do whatever you want with your property--you can develop it, sell it, rent it, lease it, give it away and will it.

INTERIOR
In the interior of Mexico, foreigners may own land outright. As with property inside the restricted zones, you have full rights to use your property as you wish.